How would you stack rank the following interior features in terms of tenants' priority while looking for single family home rental ?
- [S] Sq ft of overall house & different rooms
- [D] Design of Floor plan
- [K] Kitchen upgrades & appeal
- [C] Age and quality of carpet
- [B] Nice Backyard
I think it totally depends on the asset class you are investing in which will determine your tenant base.
Its too broad of a question
@Darren Budahn : Bear with my ignorance, what is an asset class in the context of Single family home rentals ?
@Matthew Paul : Agree :-) Let me try to narrow it : I found a good house, great floor plan, nice kitchen upgrades, in a good location with average-to-good schools around. The carpets look below average as they are 7 years old. Do you think potential tenant prospects will pass on the property if i don't change the carpets ?
My point is that if you are renting out a $40,000 SFR in the Midwest versus renting out a $500,000 SFR on the West Coast, you are more than likely going to have very different kinds of tenants. For instance, in my market, if you are investing in the $40,000 asset class that I mentioned, then if you simply have a nice clean place where everything is functioning properly then you will have a more attractive unit than a good percentage of other similar rentals in that neighborhood. Obviously, if you have renters with higher incomes paying higher rents where you live they will probably expect more than just a clean place where the mechanicals function properly. For example, they may expect updated kitchens and baths and central air. Again it is all dependent on the specific market that you are in.
Probably not , families want good schools . Put it up for rent and if people cringe at the carpet , change it , if not see if you can get a couple more years out of it .